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of peaked and it's showing some sign of a reversal. >> the pentagon is cutting the usair craft carrier fleet in the persian gulf to demonstrate the effect looming defense cuts could have on the military. it will have to trim flying hours and lockheed's fighter jets. billions of dollars in automatic cuts known as the sequester are set to take effect march 1st if congress doesn't delay or cancel them. outgoing secretary of defense leon panetta called lawmakers irresponsible. >> it is difficult to believe, frankly, that congress would simply stand aside, stand aside, fail to make the decisions necessary to resolve this crisis and allow the defense, economy and quality of life of america to be irreparably damaged. >> thou, some health and senate republics have offered a plan to cut the federal workforce and use those savings too void the full 85 billion sequester. a similar plan failed to gain any traction last year. however, will this time be different? mark parkinson, former governor of kansas, ceo, and a real pleasure to have you with us. >> great to be here this morning. thank you. >> we wou
consequences. the incident took place near disputed islands on january 30 but took time to verify. the pentagon says both sides ought to avoid any acts that might spark conflict. >>> meanwhile, china is promising to make sweeping tax reforms to narrow the rich/poor suicide. plans approved by china -- divide. plans approved by china says the rich might pay more. in companies, taxes could rise 20% by 2015. there's talk of giving savers a better return. it's for tilting toward more consumption than investment spending. >>> an expected pickup in china is giving a reason to be more optimistic after a challenging 2012. the company said the net loss widened to nearly $4 billion in the fourth quarter last year. but the biggest steelmaker by volume expects profits to pick up amidst improving conditions. in china alone the company sees the steel market growing 3%. and the stock up 2% as a result. >>> and syngenta trades are lower today. the company reported full-year net profit of $1.8 billion. that was ahead of a reuters forecast. it expects another record sales year citing strong commodity prices. so w
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